Since 2002,there Has Been Substantial Movement Toward the Adoption of International

question 15

Multiple Choice

Since 2002,there has been substantial movement toward the adoption of International Financial Reporting Standards (IFRS) issued by the:

• A)Financial Accounting Standards Board.
• B)Securities and Exchange Commission.
• C)International Accounting Standards Board.
• D)American Institute of Certified Public Accountants.

Comprehend the different types of managerial control systems (feedforward, concurrent, feedback, and internal controls) and their applications.

Understand the concept and applications of management by exception.

Identify the processes and significance of after-action reviews in organizational learning and improvement.

Understand the importance of setting performance objectives and how they are used in management (Management by Objectives - MBO).

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.

Demand Deposits

Refers to funds held in bank accounts from which money can be withdrawn at any time without any advance notice to the institution.

Principles Of Internal Control

Principles Of Internal Control are the guiding rules designed to safeguard assets, ensure accurate financial reporting, promote operational efficiency, and encourage adherence to policies.

GAAP

Generally Accepted Accounting Principles are a compilation of universally accepted standards and rules for accounting and financial reporting.